Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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Is It Time to Say Goodbye to Your Starter Credit Card?
– ratesupermarket.ca
Nearly nine out of 10 Canadians have a credit card, according to Payments Canada. Not only that, but Canadians are also heavy credit card users, coming in second to South Korea in credit card volume per capita.
The study found that the extraordinary credit card use is fuelled by key factors such as credit card rewards and the expansion of e-commerce in the country.
But where does it all start? According to a global report by TransUnion, 63% of Gen Z consumers, over 18 in Canada, are credit-active. Of that population, nearly all have a credit card.
Yet, the study also suggests new-to-credit consumers often have lower credit limits, which can lead to higher utilization rates and, in turn, negatively impact consumers’ credit scores.
However, the report found that a significant number of Gen Z consumers are in the prime and above credit tiers, generally associated with an acceptable risk level for new credit products.
Further findings indicate that in established credit markets, such as Canada, Gen Z consumers “are clearly interested in — and receiving — cards…
